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is shipped to china. what do they want with a vineyard in napa valley? >> there's a big demand for luxury goods. rather than buying chinese-made products and sending our money l they're buying american made products and sending their money back over here. >> reporter: and the jobs stay here. >> yes. >> reporter: chinese firms flush with cash have invested $16.4 billion in the u.s. in the past decade. $1.3billion in california companies. $560million in just the past year. the chinese are boosting the golden states housing recovery. they bought one out it have every ten homes sold in the past year. >> compare to high end housing like in beijing, this is not that expensive. >> reporter: a student at the university of southern california. his parents bought him this yearly $1 million condo. they thought renting a dorm room was a waste of money. >> my parents decide to buy me a house as a investment outside china. >> reporter: jim jacobson has sold 22% of the residents to affluent chinese. >> they don't have a place to put their money. they look at their own economy as a place where it's not v
could destroy the legacy of a napa valley vineyard. >> reporter: when his great grandfather started farming her in the late 1800s... >> they farmed orchard fruit and cattle. >> reporter: but much of the land he grew up on is gone, sold, to pay estate taxes after his grandfather's death. >> had to sell all of it. >> estate taxes? >> yes. >> reporter: his grandfather died in 1972 when estate taxes were at an all-time high, 77%. >> it was a big tax bill. it was, you know, half a million dollars. we sold off 150 acres. it gave us something to pay the tax with. >> reporter: now, jeff and his wife marry worry their dream of passing the land on to their two daughters will be ruined by the fiscal cliff. the estate tax rate would rise from 35 to 55% on estates worth over $1 million. at today's prices in the napa valley, the land could easily be worth $8 million. >> you're wealthy, but it's all in the dirt. we're dirt rich, cash poor. >> reporter: for the paiges, more than money is at stake. they want the land which is part of their family's past to also be part of their future. >> you can ke
in on christmas eve. he drove in from napa to san francisco and he says he did it to help a few people out. in the newsroom, grace lee, cbs 5. >>> tonight some people are feeling the pain of procrastination. last-minute shoppers are searching for bargains but finding the shelves bare. christin ayers on the million reasons why they waited. >> reporter: twas the night before christmas and all through the door, a slew of last-minute shoppers with excuses galore. >> this year just kind of snuck up on me. >> reporter: the customers were fighting over toys in the aisle. shelves bare and picked over to the chagrin of this child. >> there's nothing in here. everything is gone! like the my little ponies, they aren't even around. >> reporter: the registers rang. a santa sang. but at the stroke of 10, it all came to an end. shops closed, leaving only one place to spend. because it's christmas eve and you know what that means. the only store open now is your local walgreens. >> christmas eve is by far the busiest day of the year for us. >> reporter: 4,000 procrastinators will come through here, and l
Search Results 0 to 2 of about 3